Best Marriage Loan In Saudi Arabia

The Best Marriage Loan In Saudi Arabia 2023 – Marriage Loan Social Development Bank

Financing marriage expenses is a real hardship, which makes many of us think of obtaining the best marriage loan in Saudi Arabia in order to finance all or part of the expenses, whether through commercial banks or the Social Development Bank.

You should know that marriage loans in Saudi Arabia are personal loans that are subject to the provisions of the Central Bank of Saudi Arabia, while the Social Development Bank provides marriage loans without interest and on easy terms for people with limited incomes, with a value of up to 60,000 riyals. Here is everything you need to know about the best marriage loan in the Kingdom of Saudi Arabia – the conditions for obtaining a marriage loan from the Social Development Bank and the top personal marriage loan offers from the most famous banks and financial institutions in Saudi Arabia!

Yallacompare

5

Learn More

The Best Marriage Loan For 2023 In Saudi Arabia

To get the best marriage loan in Saudi Arabia, first of all, you must distinguish between the marriage loan of the Social Development Bank and the personal loans offered by commercial banks in Saudi Arabia to help customers finance marriage expenses.

Marriage loan Development Bank is the best interest-free personal loan offered by the Social Development Bank (previously Credit Bank) to low-income Saudi youth who earn a salary not exceeding 14,500 riyals and meet other conditions within the financing program. It aims to help and encourage them to start a family through financial aid.

The marriage loan of the Social Development Bank is one of the interest-free social loans that are granted to unemployed or low-income Saudi citizens, and it comes in addition to the self-employment loan, the family loan, and more.

We offer you a comprehensive guide to obtaining the best marriage loan in Saudi Arabia, whether it is a loan supported by the Social Development Bank only or personal loans provided by banks and financing companies.

The Best Marriage Loan In Saudi Arabia For The Year 2023

In the event that you do not meet the conditions for obtaining a marriage loan from the Social Development Bank, you can get the best marriage loan from the value of banks and financing companies in Saudi Arabia.

The fundamental difference between the subsidized marriage loan and the financing personal loans is in the interest rate, which is equivalent to 0% in the subsidized marriage loan, as well as the financing maximum, which stops at 60,000 in the Development Bank marriage loan.

Compare the personal loan offers below in Saudi Arabia and get the best marriage loan at the lowest interest rate and on the best terms for you!

Yallacompare – Yallacompare

Yallacompare is an amazing place that allows you to compare the most incredible offers of personal loans for marriage from the most respectable banks and financing companies in Saudi Arabia, and helps you get the best marriage loan with the lowest interest rate and favorable terms that are optimal for you.

Be sure to compare the top marriage loans through the Yalla Compare website, so that you can snatch the best marriage loan in Saudi Arabia with the optimal terms and interest rates for you, and in accordance with your financial and credit record and the various eligibility criteria!

Here are the advantages of using YallaCompare:

• Compare more than 70 marriage loans from the most famous banks and financing companies in Saudi Arabia.
• Marriage loans at very competitive rates.
• Marriage loans on easy terms, available to all bank customers.
• All loans comply with the provisions of the Central Bank of Saudi Arabia.
• Determine the type of financing you want and your preferred features to find the best marriage loan with the most optimal terms for you!

What Is The Marriage Loan, Social Development Bank?

The marriage loan, Social Development Bank, is an interest-free personal loan aimed at financing marriage expenses in Saudi Arabia. It is available to all citizens between the ages of 18-70 years, and its value reaches a maximum of 60,000 riyals, with a maturity period of 60 months to repay the loan.

The marriage loan is subject to the terms and conditions of the Social Development Bank and not the Central Bank of Saudi Arabia ( which regulates personal loans to finance marriage expenses), and it can be obtained by submitting an online application through the Social Development Bank website.

Advantages Of The Marriage Loan

The advantages of the Social Development Bank marriage loan are:

• Social Development Bank.
  The Social Development Bank (formerly the Credit Bank) is the only financial institution in Saudi Arabia that can provide a soft marriage loan, while other banks and financing companies provide personal loans with the aim of financing marriage expenses.
• Marriage loan is a personal loan on easy terms.
  Marriage loans from the Social Development Bank are personal loans on easy terms that are not subject to the terms and conditions of the Central Bank of Saudi Arabia, and are fundamentally different from the regular personal financing programs offered by financial institutions in Saudi Arabia.
• Interest-free cash financing program.
  The Marriage Loan is an interest-free personal financing program that must be repaid within 60 months.
• A loan for people with limited income.
  The Development Bank Marriage Loan aims to provide cash financing for Saudi youth with limited income (monthly income not exceeding 14,500 riyals) to help them secure marriage and family expenses.

Terms Of The Marriage Loan Development Bank

The conditions for obtaining a marriage loan from the Social Development Bank are:

• The marriage loan is available to Saudi nationals only.
  Development Bank Marriage loan is available to young Saudi citizens who hold Saudi nationality only, from the public or private sector and retirees.
• The borrower’s generation ranges from 18-70 Hijri years.
  The age of the financing applicant must not be less than 18 years (at the maturity of the loan) and not more than 70 years (at the end of the maturity period).
• The loan must be provided within two Hijri years from the date of the marriage contract.
  The applicant for financing must submit an application for a marriage loan from the development bank within two Hijri years from the date of the marriage contract, and attach the marriage contract attestation.
• A Saudi wife from one of the Gulf Cooperation Council countries.
  The wife of the financing applicant must be a Saudi national or hold the nationality of one of the Gulf Cooperation Council countries, otherwise, the approval of the competent authorities is required to obtain the loan.
• The loan is valid for the first marriage only.
  The marriage loan at the Development Bank is valid for the first marriage only, unless the applicant’s first wife dies or he divorced his first wife before the consummation of the marriage.
• The maturity period does not exceed 60 months.
  The maximum repayment period does not exceed 60 months, while the repayment of the marriage loan begins 30 days after the date of the disbursement of the amount, and it is done through the payment of fixed monthly installments.
• A loan for people with limited incomes only.
  The borrower must have a limited income and his salary does not exceed 14,500 riyals.
• The financing ceiling is 60,000 riyals.
  The maximum loan amount is 60,000 riyals.
• Provide a guarantee to the bank against the loan.
  The applicant must submit a sufficient guarantee to the bank to obtain the marriage loan.
• Existence of a debtor sponsor whose age does not exceed 55 years.
  The financing applicant must declare the existence of a guarantor, whose age does not exceed 55 years, who works in the government sector or a government company for at least one year, who does not sponsor two other persons, and whose net salary is not less than 2,000 riyals.
• Good credit history and no indebtedness to the Social Development Bank.
  The borrower must not be in debt to the Social Development Bank and pass the credit evaluation check.
• Submit all required documents and certificates. 

The following are the required documents and certificates:

• The national identity card of the applicant and his wife.
• A copy of the identity card of the applicant and the sponsor.
• National address.
• Account statement of the applicant for the last 3 months, and the IBAN number of his bank account.
• A copy of the marriage contract attestation from the court.

The Difference Between A Marriage Loan From The Social Development Bank And A Personal Loan To Finance Marriage From Other Banks

The marriage loan is an interest-free loan with very easy terms that the Social Development Bank gives to low-income Saudi citizens, while personal loans to finance marriage expenses are commercial financing products.

There are many differences between a marriage loan from the Development Bank and a personal loan to finance marriage expenses in Saudi Arabia, which are:

• Social Development Bank opposite the Central Bank of Saudi Arabia.
  The subsidized marriage loan is subject to the terms and conditions of the Social Development Bank, while personal loans to finance marriage expenses are subject to the regulations and systems of the Central Bank of Saudi Arabia.
• Interest rate.
  The marriage loan of the Development Bank is an interest-free loan, but when it comes to personal loans, an interest rate is charged on all of them.
• Category of beneficiaries.
  The marriage loan of the Development Bank is available to those with limited incomes only and whose salary does not exceed 14,500 riyals, while the personal loan is available to all citizens and residents in accordance with their financial and credit records and on the condition that they are employed.
• Maturity period.
  The maturity period for a marriage loan and a personal loan is the same: 60 months.
• Financing value.
  The maximum amount of financing in a marriage loan from the Credit Bank reaches 60,000 riyals, while the value of financing in personal marriage loans from commercial banks reaches 1 million riyals and more.
• Warranty and guarantee.
  The applicant for marriage financing, Social Development Bank, must provide a guarantee to the bank and declare that there is a guarantor or debtor. On the other hand, no guarantees or bets are usually requested in personal loans.
• The maximum deduction from the salary.
  The total amount deducted from the customer’s salary should not exceed 45% in the marriage loan of the Development Bank (in the event that he is a person with limited income), while in personal loans the percentage is reduced to 33% of the net salary.

The Best Marriage Loan 2023 – Frequently Asked Questions